www.company-debt.co.uk

[Leslie12]

My company has been in a CVA for about 12 months and unfortunately it is becoming increasingly difficult to maintain the payments. Is it possible to reduce the payments?

[Graham Wilson]

Hi there Leslie and welcome to the forum

You should speak to your insolvency practitioner as soon as possible. They may be able to get the creditors to agree to reduced payments in return of extending the term of the agreement.

Ultimately, if the payments can not be maintained, the CVA would fail and this could lead to the liquidation of the company so you need to act as soon as possible on this.

[Steven Jackson]

Hello Leslie

would agree with what Graham has said. The first thing you should do is contact your insolvency practitioner and explain the difficuties you are having. There is every possibility that a deal to reduce the monthly payments you make can be agreed. Afterall, no one wants to see the company fail as everyone would loose out.